The Royal Bank of Scotland Financial Markets plans to start structuring synthetic collateralized debt obligations in Japan in the coming months. "We've been establishing the infrastructure," said Mamoru Kubo, head of interest rate derivatives marketing in Tokyo. RBS established a credit structuring business out of Hong Kong for non-Japan Asia earlier this year (DW, 8/18).
The Tokyo desk has been offering CDOs structured out of its European operation, said Kubo. But is now looking to hire an additional marketer/structurer for his team and is preparing to structure yen-denominated deals in Japan. "We'll be offering Japanese CDOs within a few months," he added.
A number of firms, including Daiwa Securities SMBC (DW, 6/23), have also recently been looking to issue their first CDOs in Japan.
